Financial Performance - Clearway Energy reported a Net Income of $27 million for Q3 2024, an increase from $15 million in Q3 2023[3]. - Adjusted EBITDA for Q3 2024 was $354 million, up from $323 million in Q3 2023, driven by growth investments[4]. - Total operating revenues for Q3 2024 were $486 million, a 31% increase from $371 million in Q3 2023[23]. - Operating income for Q3 2024 was $178 million, compared to $94 million in Q3 2023, reflecting an increase of 89%[23]. - Net income attributable to Clearway Energy, Inc. for Q3 2024 was $36 million, up from $4 million in Q3 2023[23]. - Earnings per share for Q3 2024 were $0.31, significantly higher than $0.03 in Q3 2023[23]. - The company reported a comprehensive income attributable to Clearway Energy, Inc. of $32 million for Q3 2024, compared to $23 million in Q3 2023[24]. - Total net income for the nine months ended September 30, 2024, was $99 million, down from $112 million in the same period of 2023, indicating a decrease of 11.6%[37]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $918 million, an increase from $857 million in the same period of 2023, representing a growth of 7.1%[39]. Cash Flow and Liquidity - Cash Available for Distribution (CAFD) for Q3 2024 was $146 million, compared to $156 million in Q3 2023[5]. - The company reaffirmed its 2024 full year CAFD guidance at $395 million and initiated a 2025 CAFD guidance range of $400 million to $440 million[14][15]. - Cash provided by operating activities increased to $578 million, up from $496 million year-over-year[28]. - Cash available for distribution for the nine months ended September 30, 2024, was $385 million, compared to $289 million in the same period of 2023, marking a significant increase of 33.3%[41]. - Total liquidity as of September 30, 2024, was $1,266 million, a decrease of $239 million from December 31, 2023[7]. - Cash and cash equivalents as of September 30, 2024, were $292 million, down from $535 million at the end of 2023[26]. - Cash, cash equivalents, and restricted cash at the end of the period were $674 million, down from $1,156 million at the end of the previous year[28]. Investments and Capital Expenditures - Clearway Energy signed an agreement to invest in a 500 MW solar plus storage project for a total investment of $155 million, expected to reach commercial operations in 2025[9]. - The company received an offer to invest approximately $85 million in a 320 MW storage hybridization project expected to reach commercial operations in 2026[10]. - The company made capital expenditures of $237 million, up from $143 million in the previous year[28]. - The company incurred capital expenditures of $237 million in the nine months ended September 30, 2024, reflecting ongoing investment in growth initiatives[41]. Debt and Financial Position - Long-term debt reduced to $6,732 million from $7,479 million, reflecting a decrease in financial leverage[26]. - Total payments for long-term debt in the nine months ended September 30, 2024, amounted to $1,664 million, indicating a significant cash outflow for debt servicing[41]. - The company reported cash interest paid of $310 million for 2024, with an expected increase to $314 million in 2025[43]. - Current liabilities decreased to $661 million from $906 million at the end of 2023, indicating improved liquidity[26]. - Total assets decreased to $14,249 million as of September 30, 2024, down from $14,701 million at the end of 2023[26]. Dividends - The quarterly dividend was increased by 1.7% to $0.4240 per share, payable on December 16, 2024[12]. - Dividends per Class A and Class C common share for Q3 2024 were $0.4171, compared to $0.3891 in Q3 2023, marking a 7.5% increase[23]. Renewable Energy Generation - Renewable energy generation in Q3 2024 was 27% higher than Q3 2023, totaling 4,955 MWh[6]. Non-GAAP Measures and Limitations - CAFD is utilized by the company to evaluate operating performance and determine future acquisitions[54]. - CAFD serves as a measure for the company's ability to make quarterly distributions[54]. - The GAAP measure most comparable to CAFD is cash provided by operating activities[54]. - CAFD has limitations as it excludes changes in operating assets and liabilities[55]. - CAFD is a non-GAAP measure and should not be considered an alternative to GAAP measures[55]. - The company's calculations of CAFD may not be comparable to those of other companies[55].
Clearway Energy(CWEN_A) - 2024 Q3 - Quarterly Results